You retire at age 67 and expect to live another 25 years. On the day you retire, you have $1,325,000 in your retirement savings account. You expect to earn 4.0% APR on your money during your retirement. The amount you can withdraw from your retirement savings each month, if you plan to die on the day you spend your last penny, is closest to what value?

a. $4,000 b. $7,000 c. $8,000 d. $5,000 e. $6,000